• No products in the cart.

Ledger Account

What is a Ledger Account?

A ledger account is the basic unit in the accounting system.

Ledger accounts are set up for all the different types of transactions the entity uses in its business.

Transactions can be classified as assets, liabilities, owners equity, revenue or expenses. They are then coded by type and a ‘chart of accounts’ lists all the ledger accounts and account numbers.

what is a ledger account

A running balance is kept for each account because of the need to determine the financial position at any point in time. The financial reports then use those account balances.

Return to Accounting Questions and Answers here.

To learn more, access the right low cost introductory accounting tutorial here

08

Oct'18

Accounting Questions and Answers

  Accounting Question and Answers These accounting questions and answers will help you get help for your accounting study. As …

Read More

08

Oct'18

What are the Types of Ledger Accounts?

Ledger account types are either assets, liabilities, owners equity, revenues and expenses. Ledger accounts have a debit or credit nature. This …

Read More

01

Jun'18

What is a Ledger Account?

What is a Ledger Account? The ledger account is the basic unit of an accounting system. These accounts collect information …

Read More

09

Jan'18

How do you Post a Journal to the Ledger Accounts?

Posting a Journal to the Ledger Accounts Posting a journal to ledger accounts is key to the accounting process. The …

Read More